CONNECT WITH US
Tech

Tech

Exclusive: IPO-Bound Infra.Market To Raise ₹1,250 Cr Debt Funding

INC42 – RealEstateTech logo

Published on

Add as a preferred source on Google
Exclusive: IPO-Bound Infra.Market To Raise ₹1,250 Cr Debt Funding

IPO-bound building materials platform Infra.Market is raising ₹1,250 Cr ($137 Mn) debt from Singapore-based private credit platform Ascertis Credit. 

According to the startup’s regulatory filing, it will raise the capital by hypothecating its assets, pledging promoter shares in the startup as well as shares of group companies – RDC Concrete, Neptune Readymix, Robo Quarries.

Inc42 has learnt that Infra.Market will use the capital for refinancing debt, capital expenditure, merger and acquisition, among others. 

A questionnaire sent to the startup didn’t elicit any response till the time of publishing this story.

The development comes a few months after the startup raised ₹731.58 Cr (about $83 Mn) in its Series G funding round from its promoter group entity Silverline Homes Private Limited, Nikhil Kamath’s NK Squared, Tiger Global, Accel, Nexus, among others.

According to its regulatory filings, the Series G funding was raised at a valuation of $2.8 Bn, unchanged from its previous round.

Infra.Market Gears Up For IPO

Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market is a marketplace for construction materials. It also manufactures construction materials under its private label brands. It sells through its B2B and retail network, and leverages technology to digitise the procurement process.

Its product portfolio includes ready-mix concrete, tiles and paints under brands like RDC Concrete, Millenium Tiles and Shalimar Paints. 

The startup has raised a total funding of about $700 Mn to date from investors like Tiger Global, Capri Global, Evolvence, Foundamental GmbH, among others.

Infra.Market is currently preparing for its IPO after getting SEBI’s nod last month. The startup is in the process of starting roadshows for the public issue. The timing of the IPO will be decided after assessing investor interest during the roadshows.

Infra.Market pre-filed its IPO papers in October last year. Sources told Inc42 then that the ₹5,000 Cr public issue will have an equal split of fresh shares and offer for sale. 

The post Exclusive: IPO-Bound Infra.Market To Raise ₹1,250 Cr Debt Funding appeared first on Inc42 Media.



Source link
Related Topics:#Tech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Google Preferred Source